Be Ready for 2017: The Threat of Ransomware will be Overwhelming

The cyber world has become a dominant entity throughout the world and with it, cyber threats have also increased significantly. Reports suggest that in 2016, Ransomware became a major headache for thousands of people and businesses affecting individuals both at a personal and professional level. Businesses lost millions of dollars, making Ransomware a $1 billion US dollar worth crime.

Despite all the security measures being taken to reduce the threat of Ransomware, it is very much evident that hackers are becoming smarter, using more advanced technologies to execute cyber crimes for financial gains. According to the prediction of research analysts, this trend is likely to affect the internet users even more in 2017.

So far, the attackers have used Ransomware for hitting their victims indiscriminately without being able to differentiate between corporations and individuals. But the situation is likely to change in 2017 with attackers inventing more advanced techniques that will allow them to distinguish between potential targets and set ransoms accordingly. The attacks will become more personal and specific which will even involve the social media platforms where the hackers may disclose personal data or use it as a tool to blackmail individual users.

It is also predicted by security analysts that in 2017, password managers as well as digital vaults that are being used for storing confidential information will become a major target for cyber criminals. This means, the hackers are becoming more detailed and specific about their targets which are going to make Ransomware a greater threat.

Considering the growing threats of Ransomware, many security vendors are likely to invest more resources in 2017 to invent effective defense mechanisms to prevent attackers from using Ransomware to hold companies and individuals as hostages. As far as an enterprise is concerned, it is therefore highly recommended that they establish a sustainable cyber security system that will address the root of the problem and only then the threat of Ransomware can be neutralized more effectively.